About Plymouth Soundings
Plymouth Soundings was formed in 2002 when Darlene (Dee) Smolik was contracted to be the project coordinator for the $31.5 MM restoration and rehabilitation of the Tennessee Theatre in Knoxville, TN. In her role as project coordinator and interim executive director, she was the owner’s representative and project manager responsible for construction planning, construction, cost tracking, financial management, and the initial operating plan. As part of the project team, she was successful in obtaining additional equity funding by combining Historic Tax Credits (HTC’s) with New Markets Tax Credits (NMTC’s). Federal Historic Tax credits of $5.4MM and $2.4MM of New Markets Tax Credits provided critical funding that made the difference between success and failure. This project was one of the first to use “twinning”, a combination of these two types of credits.
Since the completion of the Tennessee Theatre project, Plymouth Soundings has provided a broad range of Historic and New Markets Tax Credit services to non-profit, quasi-governmental, and commercial clients, such as:
- Historic theatres using HTC’s, NMTC’s or a combination of both.
- Brownfield development: public broadcasting, events center
- Town center development: plaza complex
- Historic hotels: rehabilitation and repurposing
- Historic warehouse and mill adaptive reuse.
Plymouth Soundings and its President, Darlene (Dee) Smolik, bring years of additional experience and capabilities in project and financial management, finance and accounting, private and public sector construction and operations and public accounting. This background together with a thorough knowledge of Tax Credit financings will add significant value to your project and forms the basis for the Plymouth Soundings of today.
The Tennessee Theatre Restoration and Rehabilitation project
was one of the first to use “twinning”,
a combining of Historic Tax Credits with New Markets Tax Credits.
About Darlene Smolik
Darlene (Dee) Smolik, President of Plymouth Soundings, LLC, is a licensed CPA with over 19 years of Tax Credits financing experience and over 35 years of accounting, project development, construction and operations management experience in both public and private environments.
Ms. Smolik has extensive direct knowledge and experience in all activities involved in Tax Credit financing to guide Clients through the Tax Credit labyrinth to reach a successful project conclusion. She has experience as an overall construction project coordinator, owner’s representative, and financial manager for Historic and New Markets Tax Credits projects.
During her years of providing personalized services for Tax Credit financing clients, Ms. Smolik has developed relationships needed to bring a network of candidate investors, CDE’s, bankers, leading tax, legal, and accounting professionals required for your project.
Ms. Smolik’s background includes:
- Controller of a Manufacturing/Engineering division of a Fortune 500 company with a $100MM annual capital outlay.
- Chief Operating Officer of a quasi-governmental agency centralizing property development and property management functions for local governments with oversight of $500MM in construction projects.
- Partner and Managing Director of a public accounting firm.
- Over 19 years providing services to both Historic and New Markets Tax Credit financing clients.